NAR released a summary of existing-home sales data showing that housing market activity this June fell for the third straight month down 0.6 percent from last month, and dropped 2.2 percent from last year. June’s existing-home sales reached 5.38 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $276,900 in June, up 5.2 percent from a year ago. This marks an all-time high and the 76th consecutive month of year-over-year gains.
Regionally, all four regions showed growth in prices from a year ago, with the West having the biggest advance of 10.2 percent. The Midwest had a gain of 3.5 percent followed by the Northeast with an increase of 3.3 percent. The South had the smallest gain of 2.7 percent from June 2017.
June’s inventory figures are up 2.8 percent from last month for the second straight month to 1.95 million homes for sale. Compared with June of 2017, there are more homes available for sale, with inventory up modestly 0.5 percent, marking the first increase in 3 years. It will take 4.3 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 26 days for a home to go from listing to a contract in the current housing market, down from 28 days a year ago.
From May 2018, two of the four regions experienced declines in sales. The West had the biggest decline of 2.6 percent followed by the South with a drop of 2.2 percent. The Midwest had a gain of 0.8 percent. The Northeast had the biggest gain in sales of 5.9 percent.
Three of the four regions showed declines in sales from a year ago. The West had the biggest drop in sales of 5.0 percent. The Northeast had a decline of 4.0 percent followed by the Midwest with a decline of 3.1 percent. The South a modest gain of 0.4 percent. The South led all regions in percentage of national sales, accounting for 41.8 percent of the total, while the Northeast had the smallest share at 13.4 percent.
In June, single-family sales declined 0.6 percent and condominiums sales were unchanged compared to last month. Single-family home sales fell 2.3 percent and condominium sales were down 1.6 compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 5.2 percent at $279,300 and condominiums up 4.9 percent at $258,100 from June 2017.